CoinVoice has learned that, according to the listing report submitted by Circle in early April, a new Memorandum of Understanding (New MOU) signed by Circle and BlackRock in March 2025 stipulates that Circle will prioritize allocating its reserves for the issuance of Circle stablecoins and other products to BlackRock. It commits that, unless otherwise specified by legal, regulatory, or operational requirements, Circle will keep at least 90% of the US-managed USDC fiat reserves (excluding bank deposits) in products managed by BlackRock. Additionally, BlackRock agrees to prioritize and use USDC and all Circle stablecoins in all use cases related to dollar-denominated payment stablecoins and commits not to develop and launch competitive payment stablecoins, provided that Circle continues to fulfill its payment obligations regarding reserve management. The new Memorandum of Understanding is valid for four years.
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